Mortgage (and other
loan) qualification is increasingly being done by means of "credit scoring."
This is a mathematical analysis which considers many different aspects of your
credit history -- late payments, delinquencies, tax liens, etc -- and expresses
it as a single number, or "grade."
will "score" your credit using the number of late payments you have
on various credit accounts. This isn't a true score, but will give you
a pretty good idea of how you'd fare. Different lenders
count late payments older than 12 months against you; And
different lenders may assign you a higher or lower score, depending on their
internal underwriting requirements.
This is an approximate rating. Different lenders may grade you
somewhat higher or lower, depending on their internal underwriting
requirements. Also, the elements which influence your credit rating are
often subject to interpretation. There may be mitigating factors, such as
a layoff for example, which are not likely to